Chairman
David Crawford
said the group had “conducted an extensive review of its remuneration policy" using external adviser PwC to assess the structure and quantum of pay and incentives received by senior staff, including managing director
Steve McCann
.

However, 10 per cent of votes were cast against the 2010 remuneration report, as well as Mr McCann’s performance securities and deferred securities issuance. “Remuneration policy for listed corporations have been the subject of increasing scrutiny and debate," Mr Crawford said.

Since the global financial crisis, shoring up talent had become increasingly important, he said, “as the labour market in most of the regions Lend Lease operates in becomes competitive".

“Achieving the right alignment between employee and security holder rewards is a task made complex by a highly competitive international market for specialist and senior management talent," Mr Crawford said.

The development at Barangaroo on Sydney’s foreshore has also sparked community furore, with the Barangaroo Action Group threatening to protest outside the AGM, to no avail.

“It is really important for the people of Sydney to have robust discussion about Barangaroo and what it means to all of us and our city," Mr Crawford said.

Mr McCann told Bloomberg after the meeting that the Centro Properties Group had some ‘’quality’’ assets.

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He said Lend Lease was ‘’not involved in the [Centro sales] process today’’ but that if properties appealed to the Leend Lease investor base, ‘’we would look at it.’’

Mr Crawford said Lend Lease was taking steps to promote diversity within the workplace.

“Diversity is a central factor in reviewing the board composition," he said.

The group had also installed a “diversity council" in each region.

Addressing broader business performance, Mr McCann said Lend Lease’s Australian residential arm was tracking along well but interest rates could pose a threat. The group’s US military housing business and UK urban regeneration projects were also progressing well, but offshore construction markets were challenging, especially “the ongoing legal investigation in New York".